The project looks to create several hundred jobs in the Hoyt Lakes area, however many worry about the environmental risk they say comes with the project.
Company officials say benchmarks reached this past year should mitigate some of those fears while helping progress the project forward.
President and CEO of Polymet Joe Scipioni says while on the surface it may not seem like much progress was made in 2010, rest assured major benchmarks were reached.
"We continued to strengthen our relationship with our strategic partner Glencore. The agencies released the draft EIS, so good year; a lot happened," said Scipioni.
Based in Switzerland, Glencore invested another $30 million into the company during 2010, bringing their total investment in Polymet to around $80 million.
"They've been involved with the company and a strong believer in the company, which is exciting part for us because they are looking at investments all over the world and still feel strongly about northern Minnesota investments," said LaTisha Gietzen, Vice President of Public, Government, and Environmental Affairs.
Officially released in November of 2009, the draft environmental impact statement, or EIS, wrapped up its comment period this past year as well.
Scipioni says while there was substantial support from both state and local government, there were also comments regarding potential environmental harm from the project.
"Obviously there are people who don't like mining; they are concerned with the environmental aspects and that's the purpose of having an open meeting and to have that draft EIS come out so people can submit the comments, good or bad," said Scipioni.
Scipioni says several agencies are currently in the process of putting together a supplemental draft EIS.
This year the Environmental Protection Agency and the U.S. Forest Service both joined on as lead agencies for that process.
Company officials say a $4 million loan given to Polymet by the Iron Range Resources Board, will assist with the purchase of private land in order to perform a land exchange with the U.S. Forest Service.
The company hit what may have seemed like a snag when they announced they'd be filing their quarterly financial statement behind schedule.
Company officials say that was due in part to a paperwork error that needed to be fixed before being filed.
"It was a glitch because we switched over in accounting systems and this is the first quarter we are filing with that system," said Gietzen.
Polymet says the statements are set to be filed later this week.
Text Alerts
Twitter
Facebook